Algofi has today announced the launch of its decentralised loans market app on the Algorand blockchain, a platform for high interest income on crypo-currency. Blockchain application development gains traction today, so this step aims at reaching out to a wider audience. The protocol is currently being implemented live on the Algorandan testnet.
Founders John Clarke and Owen Colegrove bring Algofi’s traditional finance backgrounds, working on the Fixed Income Team of Citadel to develop the new decentralised funding solution that took shape in the summer of 2021 accelerator of Y Combinator and was launched as Algofi in August 2021.
Upon launch, Algofi is supported by easy fiat monetary ramps to Algorandum, so that users can immediately earn money on Algofi.
Due to the ready availability of robust developer tools that enabled the simple creation of intelligent contracts powering Algofi; the active and committed Algorandan community and the technological success in case of real-world financial use, algofi has selected Algorand as its underlying technology partner. In order to create a mass-friendly platform, friction points such as high transaction costs and confusing bridging processes are unsustainable:
“Algorand building allows < $0.01 transactions in other incumbents’ networks compared to ~$15 or more. The decentralised lending markets are inaccessible to the majority of potential users at high costs and slow transactions. We’re also excited to join Yieldly, Tinyman and Algodex in Algoranda’s DeFi ecosystem, which already has loads of synergies.”.”
– Algofi’s co-founder John Clarke
Algofi is building a fast, affordable blockchain loan market. Algorand build-up enables < $0.01 of transactions in the existing Ethereum network, compared to about ~$15. High cost and slow transactions make the most potential user unavailable to decentralised lendingre markets
We deal with both cryptogenic traders and less technologically knowledgeable retail users. Savvy traders may “shortly” or take advantage of our platform in their portfolio of cryptography. Retail users may start to gain high interest in their crypts with our simple fiat on-ramp.